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Case Study

JLL advises on the letting & sale of one of Bristol’s most high profile developments

JLL’s Office Agency team in Bristol was appointed by Skanska in 2013 to market a new, speculative, prime office development, totalling circa 61,500 sq ft. At the time, it was very unusual for such a speculative development to come to market in the UK regions.

66 Queen Square, a 58,500 sq ft grade A office building, is one of Bristol’s most high profile developments.  It combines a new five-storey office building with a modernised and refurbished grade II-listed Georgian terrace building, of which construction is due to complete in October 2015.  The building boasts significant ‘green credentials’ such as a BREEAM ‘Excellent’ rating which offer lower running costs and ‘future proofs’ the building.  It was the recipient of the BIM Project Application Award at the 2014 British Construction Industry Awards.

Recognising the quality of the building and the prime location, KPMG acquired 90% of the building halfway through construction. JLL’s Buildings & Construction team has been appointed to manage the fit-out and alterations to the buildings. The accountancy firm has taken 52,000 sq ft over the part ground, first, second and third floors on a 15-year lease. A further 5% was let to Handelsbanken who took 3,000 sq ft on the ground floor on a 10-year term. Both leases are without tenant’s breaks. The scheme also includes an attached period building of 3,000 sq ft, called 72 Queen Square, which has also been fully refurbished and is available to let.

JLL’s Bristol Capital Markets team was subsequently appointed to sell the investment and the building was sold to Aviva Investors Property Trust for £32.7 million, reflecting a record yield of 4.95%.

Both the high quality of the development and fantastic terms achieved to such a strong set of tenants, has secured a brilliant outcome for Skanska and the wider Bristol market, reinforcing the investor and occupier confidence in the UK’s regional office markets for developments like 66 Queen Square.

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